HONG KONG: I Squared Capital’s potential takeover offer for Hong Kong Internet provider HKBN Ltd is facing hurdles, as it tries to convince China’s sovereign wealth fund of the merits of the deal and a competing state-backed bidder built a significant stake.
Rival suitor China Mobile Ltd agreed to acquire a 15.5% holding in HKBN from buyout firm TPG Inc at HK$5.23 or about 67 US cents per share, the same as its planned offer price for the whole company, according to a Hong Kong exchange filing last Wednesday.
